Abstract
The Asia‐Pacific region has been the most dynamic part of the world economy throughout the postwar period. Rapid economic development in the Asian countries has resulted in a transformation of economic structure as well. However, regional cooperation in Asia is still weak compared with the European Union. Its multilateral economic cooperation is mainly based on the governmental level instead of private sector initiatives. The South Korean economy can be explained by three facets of growth, namely diversification, stabilization and growth momentum. In order to reach these goals, the government has played the role of entrepreneur who planned what, when and how much to produce.
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